The cryptocurrency market, especially Bitcoin, Ether and Solana prices have recorded double-digit growth. Let's take a look at the main reasons behind this rise.
Why the sudden rise of bitcoin, ethereum, and Solana?
The larger market capitalization cryptocurrencies Bitcoin (BTC), Ether (ETH) and Solana (SOL) have all made huge gains in the last 24 hours. We can see that BTC, ETH and SOL have gained 9.8%, 12.8% and 11.6% respectively in the last 24 hours.
However, all three started the day with small declines. Following closely behind some good economic indicators in the US. However, cryptocurrencies followed the stock market higher. As a result, you can see an increase in investor interest in cryptocurrencies. This is despite concerns about the risk of rising interest rates and a more hawkish monetary policy.
Related – A comparison of Ether, Caldano and Solana Which is better?
Some news from the cryptocurrency market is a positive factor influencing the rise. According to one of the reports, Bitcoin miner Marathon Digital increased its production by 800% in January. As a result, it now holds around 8,600 BTC on its balance sheet.
In other news, earlier this week Solana launched Solana Pay and made two Solana-based tokens available on Coinbase. Both tokens are still enjoying the Coinbase effect.
On the other hand, Ether is gaining more and more attention due to recent data showing the rise of non-replaceable tokens (NFTs). Most NFTs run on the Ether blockchain.
Related – Current Solana (SOL) Price Forecast: 2022 – 2025
Another important factor influencing the rise
On the other hand, as we have seen in recent weeks, the cryptocurrency market is becoming more and more correlated with stocks. There is a tendency to move with highly technical stocks, especially on the Nasdaq.
Of course, the cryptocurrency market is volatile. High-value coins are less volatile, while smaller-value coins are more up or down. Certainly, large value coins like BTC, ETH and SOL have taken action in the last 24 hours. High-value stocks like Amazon have seen similar double-digit gains. This shows how investors are reacting to news in the space.
Therefore, it can be expected that cryptocurrencies will take advantage of these news and show positive movements for some time.
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